Increase your book of business using existing clientele

One of the best ways to increase the size of your book quickly is by tapping into your existing base of customers. There’s almost always more business to be had with your existing clients. Start by doing a review of coverage with each client. Then sit down with them and ask the right questions to elicit and uncover coverage gaps you can offer to fill. Use that opportunity to make them more loyal to you when you offer to shop their coverage and find them better coverage at a better price.
Start with your top premium clients and work your way down – selling personal lines to commercial-only accounts, and ascertaining if your personal lines clients have businesses you could potentially write for them. You already have a number of P&C clients on your book. What better place to look to increase revenue, than the people you already do business with? Not only does this increase retention and loyalty, it makes less likely your client will want to shop and move their business elsewhere down the road.

If You Don’t Own Your Renewals & Expirations, You Might Get Burned

Financial consultant presents bank investments to a young couple

If You Don’t Own Your Renewals & Expirations, You Might Get Burned
By: Michael Miller, Smart Choice
® State Director

Handling insurance policy renewals and expirations are the bread and butter of insurance agents. But what independent insurance agents may not realize—often until it’s too late—is that though they may own their agency, they may not own the right to renew their clients or requote clients whose policies have expired. Without complete ownership of their books of business, many agents are a lot less independent than they think.

Policies in Force, Renewals, and Expirations

First, some terminology. A “policy in force” is any type of policy—auto, health, disability, life, commercial—that is currently active. If payments are not made on a policy in force, it lapses and becomes expired. Renewing client policies keeps them in force.

As an agent, you’re responsible for the daily management of your policies in force, renewals, and expirations. You market your agency, make the sales pitch, cross sell policies, build the client relationship, send out renewal reminders, and follow up with clients who chose not to renew. After all this effort, you’d expect you’d own your client accounts.

100% Ownership Not Guaranteed

Unfortunately, that’s not always the case. Some carriers and cluster groups retain the rights to renew and follow up with clients whose policies have expired. If you choose to move a client to another carrier or break your relationship with a carrier or cluster group altogether, you may lose dozens—or even hundreds—of clients in the process.

As 100% ownership of your agency’s book of business is not guaranteed, it’s important to do your homework before working with an insurance carrier or cluster group. Ask specifically about who owns the rights to your clients’ policies in force, renewals, and expirations.